Mikheil Lomtadze, who is the CEO of the Kazakh super app Kaspi, has been booted off Bloomberg's billionaire list for almost two months. As a result of the false accusation made against his company in September, Kaspi shares fell on the New York Stock Exchange and, accordingly, a temporary reduced Lomtadze's assets.
In Bloomberg's updated ranking of the world's 500 billionaires, Lomtadze takes the 497th place with a net worth of $6.29 billion.
As a reminder, Kaspi.kz is the parent company of a retail bank, one of the country's biggest e-commerce websites and much more. It operates a two-sided super app business model: the Kaspi.kz Super App for consumers and the Kaspi Pay Super App for merchants and entrepreneurs. The app requires consumers to get a digital wallet from Kaspi Bank. In the third quarter of 2024, the company's total revenue soared by 34% and amounted to $3.78 billion. In the same period, the company's net profit increased by 23% and stood at $1.6 billion.
